Distributed ledger innovators imagine a world without CSDs

CSDs counter they fulfil functions blockchain cannot, and regulatory changes are needed to disintermediate them

Battle for supremacy: blockchain could present biggest shift yet in the CSD business model

Industry participants including custodians, data providers and exchanges are increasingly questioning the role of central securities depositories (CSDs) in the development of financial market infrastructures if blockchain – or distributed ledger technology – takes off.

Located at the end of the post-trading process, CSDs are systemically important infrastructures that perform registration, safekeeping and settlement functions. Their business models are already coming under pressure through the